C1_Post-Test

C1_Post-Test - Post-Test

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Post-Test (See related pages) 1 Because of scarcity, A) choices must be made. B) there are not enough goods and services to satisfy everyone. C) there are plenty of goods to go around. D) Both A and B are true. 2 Ceteris paribus: A) is the assumption of nothing else changing. B) is an important way of thinking like an economist. C) has nothing to do with economics. D) Both A and B are true. 3 Which of the following is a resource? A) Land B) Labor C) Capital D) All of the above are true. 4 Opportunity cost is the: A) value of the best alternative that you give up. B) most desired good and services that are foregone in order to obtain something else. C) what you sacrifice in order to do something. D) All of the above are true. 5 Which of the three basic economic questions deals with choosing the mix of output? A) What to produce B) How to produce C) For whom to produce D) How much to charge 6 Economic growth means: A) an increase in output. B)
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This note was uploaded on 01/28/2011 for the course PAS 2201 taught by Professor R.nair during the Spring '10 term at St. John's.

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C1_Post-Test - Post-Test

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